It is, according to Nobel Laureate Economist, esteemed professor at Columbia University and chief economist at the Roosevelt Center, Joseph Stiglitz.
The brain-child of obscure and mediocre economist Friedrich Hayek, exported across the Atlantic by War Criminal and curse of Britain, Europe and the civilized world, Margaret Thatcher, the scourge of Latin America and the developing world, the system that has caused the death and disappearance of tens of thousands in Pinochet’s Chile, the cause of untold suffering of millions for the benefit of a few on the backs of the poor in the developing world, the monster that would devour the civilization if permitted to do so, NeoLiberalism, is dead.
According to Stiglitz, NeoLiberalism has failed -spectacularly! The opening two paragraphs of his recent opinion piece in The Guardian states that quite emphatically:
What kind of economic system is most conducive to human wellbeing? That question has come to define the current era, because, after 40 years of neoliberalism in the United States and other advanced economies, we know what doesn’t work.
The neoliberal experiment – lower taxes on the rich, deregulation of labour and product markets, financialisation, and globalisation – has been a spectacular failure. Growth is lower than it was in the quarter-century after the second world war, and most of it has accrued to the very top of the income scale. After decades of stagnant or even falling incomes for those below them, neoliberalism must be pronounced dead and buried.
The full article in the Guardian can be found here: “Neoliberalism must be pronounced dead and buried. Where next?”
Additional articles on this topic can be found in the Guardian; of particular note is a compelling piece by George Monbiot entitled “Neoliberalism – the ideology at the root of all our problems“. Regarding the implementation of NeoLiberalism in this hemisphere, the opening salvo in the piece looks at Margaret Thatcher and her comments to Ronald Reagan: “No Alternative!“